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Petchem Opportunities up for Grabs in Qeshm Island

(Wednesday, October 10, 2018)18:54

TEHRAN (NIPNA) -- The CEO of the National Petrochemical Company (NPC) said Qeshm Island was a good place to attract investment and develop petrochemical projects due to the existence of favorable infrastructure in the island.

Speaking to NIPNA, Reza Norouzzadeh, who is also deputy
petroleum minister for petrochemical affairs, said Qeshm Free Zone was one of
the free zones of the country that had been developed for tourism, trade and
industry given its strategic situation and location in the Persian Gulf, as
well as the existence of vast oil and gas reserves, adding petrochemical projects
could be expanded in the island.

He added that Iran, as an oil-rich country,
should move towards the completion of the value-chain of the petrochemical industry
and supplying end-used items.

Touching on the development of petrochemical industries
in the island, Norouzzadeh continued: “Petrochemicals can be a source of revenues
for the country, and the development of the petrochemical industry will also be
effective in providing domestic demand while bolstering exports.”

The official said a foreign investing group along
with several Iranian partners were investing $7 billion in one of the
petrochemical projects that was supposed to produce methanol in its first
phase, and then completion of the item’s production value-chain in further phases.

Moreover, several Iranian companies have acquired
permits for building projects for converting gas to polypropylene and final
products in the island.